The GDP Center, ISPI, and T20 National Coordinator and Chair, brought together varied proposals from MICs and the international community to address the MICs’ external debt challenges.
“A debt crisis is unfolding…It is time for the G20 to take another step forward on debt relief toward a green and inclusive recovery.”
“There are numerous ways that advanced economies and China can deploy unused SDRs to enable developing
countries to tackle [COVID-19], protect the vulnerable, and mount a green and inclusive recovery in the developing world.”
“If the IMF doesn’t act now the consequences for prosperity and the planet will be grave.”
“The world needs to be able to make sure that we’re not burning away our natural assets to get out of this crisis.”
“The IMF should suspend these surcharges to help countries recover from the virus, and to give the IMF the incentive to rethink its broken business model.”
“Trump literally built walls in the region while the Chinese built bridges.”
RPI will conduct interdisciplinary and policy-relevant research on five emerging powers with increasing global impact.
Professors Gallagher and Heine argue that President Biden must cancel the loan agreement to Ecuador proposed by the Trump administration.
“Under the Trump Administration the United States stood in the way of a proper economic response to the COVID-19 crisis. Biden should stand up and lead by example.”
“Reworking the Ecuador deal in that image is good development policy and good foreign policy that won’t be forgotten in Ecuador. It is also a better way to compete with China.”
China must align its development funding efforts efforts to ensure financial and environmental sustainability.
“A bolder new debt-relief initiative…can help to reverse the recent increase in poverty worldwide, reduce damaging inequalities, and save our planet for future generations.”
“The global financial safety net will require further expansion in order to mitigate the effects of and facilitate the recovery from this crisis.”
“By relieving the debts of the poor and releasing the money to address climate change, we can start to change our world.”
“These mercury stories go beyond mercury, they are really sustainability stories.”
Professor Gallagher discussed the need for PDBs to share to best practices and work more closely with the private sector, government, and civil society.
Nobel Laureate Stiglitz and Professor Gallagher discuss the International Monetary Fund’s fiscal response to the COVID-19 pandemic so far.
“The IMF has taken an important step forward; the world economy and its people cannot afford for it to go backward.”
Professor Gallagher says the IMF and G20 aren’t doing enough to support economic recovery in Latin America.